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This is Money

Share prices in the City suffered their biggest fall since March today amid fears that a debt crisis in the millionaires' playground of Dubai heralded a new phase in the global financial meltdown and a double-dip recession in 2010.
Fears of double-dip recession grow as Dubai crashes

Although the scale of Dubais debts is comparatively modest at $80 billion (?48 billion), the uncertainty spooked the markets, with no one sure who its creditors are. Several banks rushed out statements to reassure investors that their exposure was small.
Dubai in deep water as ripples from debt crisis spread

Now, with the state-owned builder of many of Dubai's most extravagant projects struggling to repay its debts, the world's financial markets have been forced to wake up to the idea that they may have declared an end to the turmoil of the credit crunch too soon.
Dubai: Minor upset in playground of the rich - or first domino of new crash?

Japans Prime Minister today sounded an official alarm that his country risked falling back into a double-dip recession - the clearest warning yet from a major economy that that the recent recovery may have been a false dawn.
Japanese Prime Minister warns of double-dip slump

Lawmakers could propose within weeks a US version of the tax on financial trades favoured by Gordon Brown to fund the global recovery from the financial crisis.
Congressmen float trades tax

A technical fault that caused the biggest disruption to trade on the London Stock Exchange in more than a year saw rivals once again circling the embattled bourse.
LSE comes under fire after glitch halts trading for three hours

An economic recovery in the US and Europe that has "run out of steam" has prompted Fidelity International's Anthony Bolton, a doyen of the fund management industry for the last 25 years, to move to Hong Kong and set up a new fund that will invest in China.
Bolton puts off retirement to run new China fund

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

KOSPI	VIX	GOLD	NYMEX CRUDE

SENSEX

Good morning traders!

In Asia today, the Nikkei fell 256.86 points at 9,126.38, while the Hang Seng
ended the morning session off 765.28 points at 21,445.13 on concerns over Dubai.

Crude oil traded at $75.98 a barrel on Nymex.

Happy Friday!

G.

BRBY Goldman: upgraded to neutral
BT.A Deutsche: reiterated buy, tp 175
BVIC JPMorgan: reiterated neutral, tp raised to 440 from 365
DSGI Goldman: downgraded to sell from neutral
HFD Goldman: upgraded to neutral from sell
HMV Goldman: reiterated conviction buy
HOME Goldman: downgraded to sell from neutral
KESA Goldman: downgraded to sell from neutral
NXT Goldman: downgraded to neutral from buy
PNN UBS: upgraded to buy from neutral, tp raised to 530 from 490
SVT UBS: tp raised to 1150 from 1130
UU. UBS: tp raised to 505 from 470

End-of-day Market Overview

Have a great weekend all!

G.